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2 key Bitcoin trading metrics suggest BTC price has bottomed

Published 12/12/2021, 04:00 PM
Updated 12/13/2021, 05:40 PM
© Reuters.
BTC/USD
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Bitcoin (BTC) has been struggling to sustain the $47,500 support since the Dec. 4 crash, a movement that wiped out over $840 million in leveraged long futures contracts. The downside move came after the emergence of the Omicron variant of the coronavirus and recent data showing United States inflation hitting a 40-year high.

Bitcoin/USD price on FTX. Source: TradingView

While newcomers might have been scared by the 26% price correction over the past month, whales and avid investors such as MicroStrategy added to their positions. On Dec. 9, MicroStrategy announced that it had acquired 1,434 BTC, which increased its stake to 122,478 BTC.

Bitfinex BTC margin long/total percentage. Source: Coinglass
Deribit Bitcoin options 25% delta skew. Source: Laevitas

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